Among ERPs for businesses, NetSuite enterprise resource planning is often recommended for several reasons, including its reasonable price, high customer satisfaction and retention rate among its clientele, and well-regarded by companies in a variety of industries. It is frequently a wise option for companies wishing to go from Quickbooks to their first real ERP system.
Overview of NetSuite Enterprise Resource Planning
NetSuite enterprise resource planning gives visibility of real-time operational and financial performance and helps firms optimize critical procedures. Because several manufacturing industries profit from this system, companies in your field probably find success when they use NetSuite.
Top Features of NetSuite Enterprise Resource Planning
Integration
Data silos result in departments operating at cross-purposes, inefficiencies, and lost opportunities. ERP offers a central perspective of crucial financial, operational, and business data that can be communicated in near real-time throughout the firm. This is its main, and possibly most important, feature.
ERP systems allow organizations to generate business intelligence by converting data into reports and insights that can be used, among other things, to reallocate resources or take advantage of new market opportunities.
Automation
Enterprise resource planning NetSuite automates repetitive business operations like payroll, order processing, invoicing, reporting, and more. This allows employees to concentrate on more valuable duties, reduce errors, save time entering data by hand, and save labor costs.
Because of the nature of ERP systems, information entered by one person can be accessed by others inside the company. Thus, when a specific SKU becomes available, an inventory tracking module might instantly initiate a shipment and invoice. This results in increased sales and improved client satisfaction. Alternatively, leaders in the line of business might be automatically provided with current information on cash flow and other metrics to help them make choices.
Data Analysis
CFOs and other corporate executives prioritize using data more effectively, as demonstrated by Brainyard’s Winter 2020 poll. Thanks to the power of data analysis, employees can now collect a vast array of data and turn it into actionable insights on new business possibilities and methods to optimize existing operations, cut expenses, identify fraud, and provide better customer service.
Reporting
Executives place approximately equal importance on improved reporting and more efficient data use. ERP reporting modules gather data about how businesses operate and present it in reports that help stakeholders improve business operations, make better decisions, and spot issues before they harm the company. Visual aids like charts, graphs, and dashboards may be used in reports to highlight patterns and trends that enhance business outcomes.
Tracking & Visibility
One important element of ERP platforms is their ability to track, display, and interpret business KPIs. They achieve this by providing reporting and analysis for all facets of business operations, dismantling information silos, and enabling company-wide access to almost real-time data.
Accounting
ERP accounting features provide the capacity to monitor, store, and analyze financial data, including accounts payable (AP), accounts receivable (AR), general ledger (GL), budgets, and forecasts. Systems may also carry out more complex operations like revenue recognition, tax management, fixed asset management, and multi-currency reconciliation.
Month-end closes always take longer than CFOs would like since time is money. This functionality reduces the time it takes to reconcile and close monthly financial statements. It’s essential for businesses hoping to switch to continuous month-end shuts.
Financial Management
The intricate financial management process (opens in a new tab) includes organizing, planning, and figuring out how to use money effectively for a company. Financial leaders need to monitor and utilize financial data from all departments to make choices about capital projects, funding sources, cash management, and financial controls.
ERP systems track, analyze, and publish vital business data to help finance teams with management. ERP systems are essential for effective financial administration in large, complex enterprises.
CRM
Customer relationship data is incorporated into ERP systems with integrated CRM functionalities, broadening the company’s perspective. All client data, including contacts, order histories, purchase orders, and prospect status, is stored in a common, easily accessible database.
CRM systems allow businesses to automate repetitive tasks, such as completing purchase orders, creating accounts receivable reminders, and notifying an account executive to follow up with a prospect at a predetermined sales funnel stage.
Sales & Marketing
ERP systems with integrated CRM make it easier for marketing and sales teams to sell, upsell, generate bids and buy orders, predict and manage commissions, and track important information like profit margins and ratios.
Marketing teams can benefit from the capacity to generate more leads, develop and implement campaigns swiftly, and monitor client behavior throughout the sales cycle.
To deliver an exceptional client experience throughout the sales pipeline, sales and marketing teams collaborate closely with their finance and operations counterparts to leverage ERP services.
HR
The HR section of enterprise resource planning NetSuite functions as a comprehensive platform for employee administration. It can handle payroll, hiring, onboarding, compensation management, and timekeeping. ERP-connected HR software automates complex HR tasks, including tax and benefit deductions, saving time and money while lowering errors.
Supply Chain Management
ERP systems monitor demand, inventories, production procedures, logistics, and distribution to provide an understanding of a business’s supply chain management (SCM) effectiveness. A fully automated and linked supply chain suggests purchase orders, work orders, and transfer orders across different sites, which improves operations.
SCM systems can also facilitate distribution resource planning and assist in defining inventory goals. Real-time supply chain data can also give a business more control and inventory management by identifying inefficient regions.
Manufacturing
The field of ERP originated in manufacturing. Modern systems help with product planning, locating raw materials, production monitoring and forecasting, and improving manufacturing process efficiency. Additional components include modules for work order management, distribution planning, shop floor control, bill of materials, assembly management, and product tracking.
When used in conjunction with SCM, ERP manufacturing solutions improve an organization’s capacity to manage and automate critical inventory planning and forecasting choices.
NetSuite Enterprise Resource Planning Benefits
Material Management
To maintain operational continuity, Netsuite efficiently monitors and manages materials. This entails monitoring purchasing, stock levels, and effective material use. You may examine in-depth how real-time tracking helps with waste reduction and material use with NetSuite’s Materials Management module.
Sales & Order Management
Netsuite improves the sales process for order management and sales, from order capture to fulfillment. Its optimized procedures guarantee accuracy and client satisfaction. With seamless integration with inventories, these systems help manage quotations, orders, and bills and provide real-time information.
Financial Management
Precision and foresight are necessary for managing finances, and Netsuite’s powerful financial management solutions help with both. These products have everything from ledgers and receivables to payables and fixed asset management. A strong framework for financial management guarantees comprehensive financial reporting and compliance.
Production Management
Keeping a competitive advantage in production management requires efficiency. Netsuite allows businesses to plan, schedule, and carry out production tasks. This guarantees that operations are guided by precise production insights and in line with supply and demand.
Supply Chain Management
To manage a supply chain, Netsuite looks after every step of the process, from sourcing and planning to delivery. The system makes supply chain operations more transparent and agile, which is essential for quickly adapting to market changes. Supply chain management procedures must be streamlined for a supply network to be optimized.
Customer Relationship Management
The value of connecting with customers and fostering relationships is emphasized by Netsuite. Through its client Relationship Management (CRM) features, firms can manage leads, better understand client demands, and strengthen customer relationships by supporting marketing initiatives.
Inventory Management
Sufficient inventory control is essential for satisfying consumer requests without going overboard. To balance supply and demand, Netsuite’s inventory management system helps track inventory levels, establish reorder points, and manage stock across various locations.
Conclusion
NetSuite enterprise resource planning has proven to be a highly powerful and versatile ERP solution for businesses. Its robust and scalable features and cloud-based platform place it among the top choices made by organizations seeking to streamline their operations, improve efficiency, and drive growth.
One of the key benefits that businesses may receive from using NetSuite is valuable insights into data and, eventually, automation of processes and pertinent decision-making.
Ready to see how NetSuite can change the way you do business? Get in touch with Folio3 to learn more about how our certified NetSuite professionals can assist you in implementing, customizing, and integrating NetSuite for your business.
